Saudi Arabia has left the International Islamic Liquidity Management Corp (IILM), which is preparing to launch its long-delayed first sukuk following its inception in 2010, the IILM said late on Wednesday.
IILM did not give a reason for Saudi Arabia's exit. The central banks of Qatar and Malaysia have bought out Saudi Arabia's share. Issuance of the first sukuk had been delayed twice as IILM faced a major challenge to ensure compliance with laws in all of the 12 member countries in Asia. The likely value of the sukuk is between US$300 million and US$500 million...............................................Full Article: Source